Virginia is putting $2.5 million into a new accelerator called MACH37 that will use a network of experts to help foster innovations in cybersecurity. The program will be housed at Herndon, Va.-based Center for Innovative Technology, which will get another $1 million from the state to invest in the accelerator companies, says president Pete Jobse. MACH37 willdo two annual 90-day sessions for eight to 10 chosen companies per session. They'll be guided through a company development process with the help of cybersecurity experts, investors, and technologists. Companies will then make presentations to investors at MACH37 Demo Day. They'll receive an initial investment of $25,000 upon acceptance and a potential second investment after a successful Demo Day presentation.
Pete says MACH37 differs fromprograms like 500Startups and Y Combinator because of the large network of cybersecurity experts involved. The state and CIT are so convinced of its future success that the MACH37 name was trademarked with the intention of replicating it to help develop companies in other industries. MACH37 will also eventually be funded privately rather than through the state. The application process starts in early June and the first session will start in September. (For those who want to feel like they're going back to college, without having to live in the dorms.) Accelerator participants don't have to be based in Virginia but they need to establish a significant Virginia presence at the end of the program, Pete says.
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